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Affordable Housing in Clam Bayou: A Single LIHTC Project's Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Clam Bayou, a neighborhood in St. Petersburg, Florida, has one Low-Income Housing Tax Credit (LIHTC) funded project, providing 64 affordable housing units. Based on the 2022 population of 2,070 and the national average household size, the estimated housing inventory for the neighborhood is approximately 793 units. The LIHTC-funded affordable housing represents about 8.1% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $602,545 in tax credits for affordable housing in Clam Bayou. This equates to an average federal funding of $9,415 per unit. The sole LIHTC project in the neighborhood, Boca Ciega, was completed in 2019, marking the introduction of LIHTC-funded affordable housing in the area.
Boca Ciega offers a mix of unit types, with 5 two-bedroom units and 59 three-bedroom units. This distribution indicates a focus on accommodating families or larger households in the neighborhood.
Over the past decade, Clam Bayou has experienced demographic shifts. The population has remained relatively stable, fluctuating between approximately 1,960 and 2,253 residents. The median income has shown a significant increase, rising from $24,336 in 2013 to $46,187 in 2022, nearly doubling over this period.
Racial demographics have also changed. The Black population percentage decreased from 55% in 2013 to 36% in 2022, while the White population increased from 36% to 51% during the same period. The Hispanic population has remained relatively stable, ranging between 6% and 11% over the decade.
The introduction of the LIHTC project in 2019 coincides with a period of rising median income in the neighborhood. This timing may suggest an effort to maintain affordable housing options as the area potentially experiences economic changes.
Clam Bayou's affordable housing landscape is characterized by a single LIHTC project, Boca Ciega, which provides 64 units, primarily three-bedroom apartments. This project, completed in 2019, represents a recent addition to the neighborhood's housing stock, covering approximately 8.1% of the estimated housing inventory. The area has seen notable demographic changes over the past decade, including a significant increase in median income and shifts in racial composition. These changes, coupled with the recent LIHTC development, reflect the evolving nature of the neighborhood and its housing needs.
